Thursday, July 30, 2009

Thursday Trade Review

Here's a couple of trades that didn't turn on me already, KLIC and ZIXI.

KLIC has just completed a big move up past resistance, and I'm looking to hold it while it shows promise. Fibonacci retracement looks like resistance around 6.13.

ZIXI looks to be completing a wedge, as shown in the graph, and I bought near the support. This wedge still has a few days before it ends, but I'm not confident in any triangle formation with more than five 'points'. That's from Constance Brown, and I haven't found it fail since I read it. Using the five-point rule, I now realize that ZIXI may have already failed. I'm giving it enough benefit of the doubt to make a comeback, but the stops are tight just in case.

I was also in and out of AEA and PVX yesterday, but got out quickly as they moved against me. PVX ended up being a winner today...too bad.

Notes for Friday:
  • Friday feels like it's going to be a down-day for the SPX, but my bias is always accompanied by a healthy dose of Murphy's Law.
  • I'll be watching HCF more closely the next few days, it just tested daily 200MA today for resistance.
  • MGAM has been bull-flagging for days now, and would hit major support tomorrow if it keeps trend. I'll be watch that for a bounce. My target buy-range is between 5.35-5.45.
  • OMX might also be ready for a second bounce at the open, but I'm thinking it will end up as a doji.

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